The program is expected to be executed through 2019 but is not specific as to when or how many shares will be purchased.

the program is expected to be executed through 2019 but is not specific as to when or how many shares will be purchased


This concludes our comments on the quarter's results, looking forward to speaking with you on the call later today.

this concludes our comments on the quarter's results we look forward to speaking with you on the call later today


Finally, I'll touch on our business development efforts before turning it over to Laura to run through the financials. BD remains a key piece of our strategy,

finally i'll touch on our business development efforts before turning it over to laura to run through the financials bd remains a key piece of our strategy


that included a customer acquiring over 20 high-end FortiGate products along with a range of other products and services.

that included the customer acquiring over 20 high-end fortigate products along with a range of other products and services


is about the margin and I previously talked about the ambition to be reaching the 10% margin

is about the margin and i previously talked about the ambition to be reaching the 10% margin


unlike many of our competitors, we did a pay increase in the fourth quarter of '16. Prior to that, we also

unlike many of our competitors we did a pay increase in the fourth quarter of '16 prior to that we also


We'd like to highlight when comparing total revenue between the second quarter this year over the first quarter of this year, the results were relatively flat.

we'd like to highlight when comparing total revenue between the second quarter this year over the first quarter this year the results were relatively flat


as we contemplate divestitures in particular, we use the same criteria that we

as we contemplate divestitures in particular we use the same criteria that we


Turning to Slide 5. We continued to see gains in key specialty product lines in the first quarter.

turning to slide 5 we continue to see gains in key specialty product lines in the first quarter


of course, our motivation is to keep going and to do everything that we can to make this business

of course our motivation is to keep going and to do everything that we can to make this business


Now in addition to being affordable and abundant, I want to stress again some facts about the environmental friendliness of natural gas.

now in addition to being affordable and abundant i want to stress again some facts about the environmental friendliness of natural gas


of our strategic evolution, which will reduce our concentrations in legacy markets and older properties.

of our strategic evolution which will reduce our concentrations in legacy markets and older properties


We have been very focused on minimizing this volatility through additional basis hedges, which I will get into a bit later.

we have been very focused on minimizing this volatility through additional basis hedges which i will get into a bit later


This is a journey and we still have much to accomplish, with several more potential divestments slated from now into early next year,

this is a journey and we still have much to accomplish with several more potential divestments slated from now into early next year


And importantly, increased investor interest has moved both of our gold and silver trust to premiums

and importantly increased investor interest has moved both of our gold and silver trusts to premiums


As I mentioned in my opening remarks and as Christie also discussed, we continue to invest in business

as i mentioned in my opening remarks and as christy also discussed we continue to invest in business


The continuing decrease in the capital ratio quarter-to-quarter is by design and results from strong asset growth.

the continuing decrease in the capital ratio quarter-to-quarter is by design and results from strong asset growth


to ensure that we have the supply and so that we can do our best to ensure that there is some cost competitiveness out there for us as well.

to ensure that we have the supply and so that we can do our best to ensure that there's some cost competitiveness out there for us as well


In terms of materials, I think some of the materials and supplies that we use in both drilling and pressure pumping will start to move up

in terms of materials i think some of the materials and supplies that we use in both drilling and pressure pumping will start to move up


Our C3 Alliance also extends our solution and is a key differentiator for us with prospects and customers who are looking for more cooperation among vendors.

our c2b alliance also extends our solution and is a key differentiator for us with prospects and customers who are looking for more cooperation among vendors


and introduce products that are more efficient from a manufacturing perspective. So I think that is where Gates Operating System transitions to

and introduce products that are more efficient from a manufacturing perspective so i think that is where gates operating system transitions to


more of a promotional environment or just given with some of the events that are going on? Or -- and what's your outlook halfway through the holiday period?

more of a promotional environment or just given what some of the events that are going on or kind of what's your outlook halfway through the holiday period


all your questions on March 8, and we'll do the best job we can. But for now, we'd love to answer whatever questions you have, especially about this quarter.

all your questions on march 8 and we'll do the best job we can but for now we'd love to answer whatever questions you have especially about this quarter


The second piece of it is there are a couple of loans in there that I would categorize as just less traditional to frankly get financed on

the second piece of it is there are a couple of loans in there that i would categorize as just less traditional to frankly get financed in a clo


And in the DIY space, we continue to optimize our product to drive conversion and deliver an exceptional client experience.

and in the diy space we continue to optimize our product to drive conversion and deliver an exceptional client experience


As we did last quarter, we have adjusted the financial results to exclude Centennial to provide a clearer look at the performance of the remaining operations.

as we did last quarter we have adjusted the financial results to exclude centennial to provide a clearer look at the performance of the remaining operations


Thank you for your continued interest and support of Camping World. As we look to double the size of our business over the next 5 years,

thank you for your continued interest and support of camping world as we look to double the size of our business over the next 5 years


this creates an opportunity to have a positive impact on gross inflows. It's an area where we have a strong

this creates an opportunity to have a positive impact on gross inflows it's an area where we have a strong


This acquisition would bring a new source of expertise and innovative technologies, particularly in data management,

this acquisition will bring a new source of expertise and innovative technologies particularly in data management


This allows us to maintain our presence in trade area and improve productivity and profitability in much the same way.

this allows us to maintain our presence in the trade area and improve productivity and profitability in much the same way


I can tell you we continue to be very pleased with the acquisition of Scepter and the contributions it has made to the Myers business and earnings.

i can tell you we continue to be very pleased with the acquisition of sector and the contributions it has made to the myers business and earnings


As we mentioned in the earnings release, headwinds from the challenged agricultural end market are expected to continue during the fourth quarter.

as we mentioned in the earnings release headwinds from the challenged agricultural end market are expected to continue during the fourth quarter


Liquidation and paydown activity on distressed loans continued to generate significant positive cash flows.

liquidation and paydown activity on distressed loans continued to generate significant positive cash flows


It's not unusual in a contract like this to see fluctuations from the estimates that were first provided as part of the tender process, and it's worth noting that

it's not unusual in a contract like this to see fluctuations from the estimates that were first provided as part of the tender process and it's worth noting that


We did hold a webinar 2 days ago, and I was really proud that we were kind of first to market in that regard with a very comprehensive webinar held in conjunction with

we did hold a webinar 2 days ago and i was really proud that we were kind of first to market in that regard with a very comprehensive webinar held in conjunction with


Should any of these materialize or should our assumptions prove to be incorrect, actual company results could differ materially from these forward-looking statements.

should any of these materialize or should our assumptions prove to be incorrect actual company results could differ materially from these forward-looking statements


around how their agents can be more productive, how they can retire all these legacy systems so that they have a single unified view of the customer,

around how their agents can be more productive how they can retire all these legacy systems so that they have a single unified view of the customer


I think -- I still think that the Parkway sale other than the cleanup of the construction stuff that we're doing now

i think though -- i still think that the parkway sale other than the cleanup of the construction stuff that we're doing now


depending on the structure that we employ for revenue in these collaborations, can affect the timing of the revenue recognition.

depending on the structure that we employ for revenue in these collaborations can affect the timing of the revenue recognition


We continue to right size the business and accelerated our planned closures of 2 facilities in Brazil this year.

we continue to rightsize the business and accelerated our planned closures of 2 facilities in brazil this year


is -- the only thing there that I would consider a little out of period or unusual for this quarter

is the only thing there that's kind of -- that i would consider a little out of period or unusual for this quarter


you see the telecommunications operators and the satellite operators combining so that they have a decent force against


And again, we have a full portfolio of programs we're driving around productivity that we expect will deliver over the next

and again we have a full portfolio of programs where we're driving around productivity that we expect will deliver over the next


primarily from higher utilization and operational efficiencies. Through the end of the first quarter,

primarily from higher utilization and operational efficiencies through the end of the first quarter


And I was hoping that you could talk a little bit -- as you look across your Refining, marketing and Logistics segments,

and i was hoping that you could talk a little bit as you look across your refining marketing and logistics segments


the torture we've been put through because we were stuck because we couldn't grow because we didn't have the new capacity in place.


if that is a legitimate concern for sort of your legacy avenue of growth. Or

if that is a legitimate concern for sort of your legacy avenue of growth or


On a GAAP basis, including amounts categorized as realized investment gains or losses and results from divested businesses,

on a gaap basis including amounts categorized as realized investment gains or losses and results from divested businesses


But we don't have the liberty to give more information because it's a private placement. And as you may hear from the number,

but we don't have the liberty to give more information because it's a private placement and as you may hear from the number


We were encouraged by the pickup in spending from midsize and large U.S. pharmaceutical customers who had been more cautious earlier in the year.

we were encouraged by the pickup in spending from midsized and large u s pharmaceutical customers who had been more cautious earlier in the year


and our ability to deliver that speed to market with our reimagined Agile model has been instrumental in winning many large transformation deals.

and our ability to deliver that speed to market with our reimagined agile model has been instrumental in winning many large transmission deals


The low growth level of expenses was achieved through an ongoing and disciplined focus on active cost management,

the low growth level of expenses was achieved through an ongoing and disciplined focus on active cost management


as all of these systems will be migrated to a single efficient Virtu quality process supported by a common infrastructure.

as all of these systems will be migrated to a single efficient virtu quality process supported by a common infrastructure


right? It's about looking at our digital offering and making sure that it is extremely easy to interact with,

right it's about looking at our digital offering and making sure that it is extremely easy to interact with


The external environment is challenging, but we continue to focus on the needs of our students and operational excellence.

the external environment is challenging but we continue to focus on the needs of our students and operational excellence


through '16 kind of calendar year, because I think some things will fall out -- I think some clients will fall out and realize they should have had the product

through '16 kind of calendar year because i think some things will fall out -- i think some clients will fall out and realize they should have had the product


Should we expect those 2 variables to continue to weigh on your profitability in the fourth quarter and early next year?

should we expect those 2 variables to continue to weigh on your profitability in the fourth quarter and early next year


towards the end of the first half, what do you think about your inventory level?

towards the end of the first half what do you think about your inventory level


are putting up a good fight with more aggressive bundles and improved video offers. I mean, this has been happening for a while, and we never underestimate these guys.

are putting up a good fight with more aggressive bundles and improved video offers i mean this has been happening for a while and we never underestimate these guys


These statements involve risks and uncertainties that could cause results to differ materially from historical performance and these statements.

these statements involve risks and uncertainties that could cause results to differ materially from historical performance and these statements


show what you can do with the business over time or you might be looking at longer-term valuations for that similar type of asset?


Following the receipt of necessary permits and regulatory approvals, construction on this project is expected to begin early next year

following the receipt of necessary permits and regulatory approvals construction on this project is expected to begin early next year


And of course, there are some draperies in the main lobbies, but the bigger volume is in the individual hotel room for window treatments.

and of course there are some draperies in the main lobby but the bigger volume is in the individual hotel room for window treatment


global presence and the extensive experience to assist us in the review of different partnering structures.


change of ownership risk that was highlighted by one of your colleague in question previously, we don't think it will come that

change of ownership risk that was highlighted by one of your colleagues in a question previously we don't think it will come that


During our distributor and sales meeting, we shared 1 product in development with our sales and distribution team.

during our distributor and sales meeting we shared one product in development with our sales and distribution team


We did see higher preproduction engineering investment in support of new launches, along with an unfavorable product line mix.

we did see higher preproduction engineering investment in support of new launches along with an unfavorable product line mix


towards the end of this year. And then also, we've talked a lot about aggressively dealing with inventory. We've done a lot of that in the first 3 quarters

towards the end of this year and then also we talked a lot about aggressively dealing with inventory we've done a lot of that in the first 3 quarters


The quarterly increase was mainly attributable to growth in international equipment revenue, reflecting our continued momentum

the quarterly increase was mainly attributable to growth in international equipment revenue reflecting our continued momentum


have seen and know for -- I know that from previous years or from Martin, but here just kind of as a rehearsal.

have seen and know for -- i know that from previous years or from martin but here just kind of as a rehearsal


Today, we are supplying thousands of customers directly and indirectly through our network of domestic and international distributors.

today we are supplying thousands of customers directly and indirectly through our network of domestic and international distributors


with a diligent approach to cost savings, allowing us to deliver earnings per share growth.

with a diligent approach to cost savings allowing us to deliver earnings per share growth


With those business leaders and Sanjiv and Ben, I'm confident about our capability to move this organization forward.

with those business leaders and sanjeev and ben i'm confident about our capability to move this organization forward


and so that would imply. I'm going to fill in some blanks for you. That will imply that they're are going to be strictly

and so that would imply i'm going to fill in some blanks for you that will imply that they're going to be strictly


And we need to continue to leverage the higher-margin tank parts and services opportunities to improve the margins in our retail segment,

and we need to continue to leverage the higher-margin tank parts and services opportunities to improve the margins in our retail segment


The weakness that we reported recently is mainly a feature of routes from Asia Pacific and America to Europe.

the weakness that we reported recently is mainly a feature of routes from asia pacific and america to europe


wait to go through the filings. You went through all your free cash numbers, et cetera. So my other question is,

wait to go through the filings you went through all your free cash numbers et cetera so my other question is


the range in EBITDA is generally attributable to the discretionary business that we -- that our customers do with us

the range in ebitda is generally attributable to the discretionary business that we -- that our customers do with us


an idea of the number of stores and the size and the magnitude of the sub-acquiree? And what is the TEF that you already

an idea of the number of stores and the size and the magnitude of this acquisition and what is the tf that you already


We have proven ourselves time and time again and have shown our commitment to our dividend under more difficult circumstances.

we have proven ourselves time and time again and have shown our commitment to our dividend under more difficult circumstances


Construction activity is picking up. We have the inventory, footprint and people resources to benefit from the current improved business climate.

construction activity is picking up we have the inventory footprint and people resources to benefit from the current improved business climate


the value of the assets that we're building inside of us and that the value that these exchange place on these kinds of businesses because this is their future.

the value of the assets that we're building inside of us and that the value that these exchanges place on these kind of businesses because this is their future


Lately, it seems like there's been an excess amount of discussions regarding rate increases or lack thereof.

lately it seems like there has been an excess amount of discussions regarding rate increases or lack thereof


Then the projects that Transco has in the AC proceeding would be up next a

then the projects that transco has in the ac proceeding would be up next


And so regardless of what the owner of the business or its financial management team would like to do, they can't.

and so regardless of what the owner of the business or its financial management team would like to do they can't


during the quarter, and that despite selling significantly less receivables than a normal year.

during the quarter and that despite selling significantly less receivables than a normal year


Solid CET1 ratios with high quality with very small difference between debt phase-in and the fully loaded ratio

solid set 1 ratios with high quality with very small difference between the phase in and the fully loaded ratio


On our last earnings call, I signed off saying I was optimistic about the quarters ahead, and today, I'd like to leave you with that same sentiment.

on our last earnings call i signed off saying i was optimistic about the quarters ahead and today i'd like to leave you with that same sentiment


remind us of the scale of manufacturing you currently have? And kind of as you go into more and more indications,

remind us of the scale of manufacturing you currently have and kind of as you go into more and more indications


But to a more fundamental question, we have a very solid book. We have a very healthy allowance account.

but to a more fundamental question we have a very solid book we have a very healthy allowance account


have it come through the appropriation process. I think perhaps one of the most significant advantages for us would be that

have it come through the appropriation process i think perhaps one of the most significant advantages for us would be that


And equally as important is a reasonable seller and reasonable seller expectations. And there have been -- there has been a little bit of dislocation in that, but

and equally as important is a reasonable seller and reasonable seller expectations and there have been -- there has been a little bit of dislocation in that but


I hope you've had the opportunity to review our earnings release from yesterday. Thomas, Bob, and I will address any questions regarding our second quarter results

i hope you've had the opportunity to review our earnings release from yesterday thomas bob and i will address any questions regarding our second quarter results


But at the same time, it's something that makes us even more convinced of what we are able to deliver in the next couple of quarters.

but at the same time it's something that makes us even more convinced of what we are able to deliver in the next couple of quarters


The domestic product is closely aligned and integrated with our international import-export business that is doing great.

the domestic product is closely aligned and integrated with our international import-export business that is doing great


we asked people, and we broke the data down by what treatments their family members were on currently.

we asked people and we broke the data down by what treatments their family members were on currently


in terms of the satellites, in terms of the ground terminals and the like. And we were persuaded some time ago

in terms of the satellites in terms of the ground terminals and the like and we were persuaded some time ago


and we will be there serving them to assist them in any way we can, which, in some regards,

and we will be there serving them to assist them in any way we can which in some regards


For an explanation of the items considered to be non-GAAP financial information that will be discussed on today's call

for an explanation of the items considered to be non-gaap financial information that will be discussed on today's call


drops may be more of a priority in terms of order of execution at this point? Or

drops may be more of a priority in terms of order of execution at this point or


Based on how well the plant has been running, the decision has been made to reduce the length of the upcoming September turnaround to 12 days.

based on how well the plant has been running the decision has been made to reduce the length of the upcoming september turnaround to 12 days


strengthen our loyalty program and engage more Canadians than ever before. We believe there's significant untapped opportunity here.

strengthen our loyalty program and engage more canadians than ever before we believe there's significant untapped opportunity here


in not only developing new products in the engineering functions of designing new things that would simplify our RFS offering.

in not only developing new products in the engineering functions of designing new things that would simplify our rfs offering


Promoted Story allows brands to take advantage of the familiar Stories format that we invented 4 years ago.

promoted story allows brands to take advantage of the familiar stories format that we invented 4 years ago


For a summary of specific risk factors that could cause results to differ materially from those expressed in the forward-looking statements,

for a summary of specific risk factors that could cause results to differ materially from those expressed in the forward-looking statements


in continuing the momentum into the first quarter. I think it's probably -- given the way new business bookings work,

in continuing the momentum into the first quarter i think it's probably given the way new business bookings work


Unemployment remains high, to start with. And none of those drivers is likely to be available in the short term to drive growth.

unemployment remains high to start with and none of those drivers is likely to be available in the short term to drive growth


predicting that it's going to be flat or what it's going to be doing yet. That's still work to be done here in this -- in the next few months as we come up with our plan. So

predicting that it's going to be flat or what it's going to be doing yet that's still work to be done here in this -- in the next few months as we come up with our plan so


and sales were strong against key geographies, categories and channels and balanced between evergreen back catalog content

and sales were strong against key geographies categories and channels and balanced between evergreen back catalog content


big downdraft in pricing with a lot of inventory on hand. We kind of like it when it goes the other way, when our inventory does revalue because

a big drought in pricing with a lot of inventory on hand we kind of like it when it goes the other way when our inventory does revalue because


David's announcement is another example of the actions we're taking to build the foundation for a growth company,

david's announcement is another example of the actions we're taking to build the foundation for a growth company


we have now a capital productivity task force in the company whose focus is to try and improve capital productivity, both on

we have now a capital productivity task force in the company whose focus is to try and improve capital productivity both on


This facility is being sized and designed to support the anticipated growth we could see for the next 10 years.

this facility is being sized and designed to support the anticipated growth we could see for the next 10 years


Overall, I would say the economic landscape is supportive of continued order and revenue growth momentum

overall i would say the economic landscape is supportive of continued order and revenue growth momentum


Our growth in new products has been strong, with a vitality index that has doubled from the prior year.

our growth in new products has been strong with a vitality index that has doubled from the prior year


how many of those you've touched kind of in the last couple of years in terms of maybe relocations or redesigns or anything like that to give us a sense

how many of those you've touched kind of in the last couple years in terms of maybe relocations or redesigns or anything like that to give us a sense of


As far as anything that we do to offset it, we have not implemented any particular strategy. We have not changed our pricing approach next year.

as far as anything that we do to offset it we have not implemented any particular strategy we have not changed our pricing approach next year


Closing is subject to Federal Trade Commission and Canadian Competition Bureau approval as well as other customary closing conditions.

closing is subject to federal trade commission and canadian competition bureau approval as well as other customary closing conditions


But all in all, I would say that we are very satisfied with the development of cash flow, bringing the leverage below 2 turns.

but all in all i would say that we are very satisfied with the development of cash flow bringing the leverage below 2x


We look at how we spend each and every dollar, and how we can maximize that dollar to realize the best return for the long term

we look at how we spend each and every dollar and how we can maximize that dollar to realize the best return for the long term


and expanded assets under delegated management by fivefold. I am pleased the company will continue to benefit from Julio's advice

and expanded assets under delegated management by fivefold i am pleased the company will continue to benefit from julio's advice


Good morning. My name is Sophie and I will be your conference operator today.

good morning my name is sylvie and i will be your conference operator today


and, at the same time, continue our relentless focus on satisfying customers as they move more mission-critical applications to the platform.

and at the same time continue our relentless focus on satisfying customers as they move more mission-critical applications to the platform


I would like to remind you that some of the statements that we make during today's call may be considered forward-looking statements within the meaning of the safe harbor provision

i would like to remind you that some of the statements that we make during today's call may be considered forward-looking statements within the meaning of the safe harbor provision


And I will continue, and I'll commit to continue to update you on the progress of the plan.

and i will continue and i'll commit to continue to update you on the progress of the plan


excluding volatility in the rate due to the adoption of a new accounting standard related to the tax treatment for exercises in employee equity plan.

excluding possible volatility in the rate due to the adoption of a new accounting standard related to the tax treatment for exercises in the employee equity plan


So we're well positioned -- really well positioned short term to maximize on the growth out there through that header and through our pipes,

so we're well positioned really well positioned short term to maximize on the growth out there through that header and through our pipes


Digital adoption increased by 7%, which continues to accelerate with good growth in all regions.

digital adoption increased by 7% which continues to accelerate with good growth in all regions


As the higher levels of excess tax benefits related to the equity awards from the IPO have now been recognized.

as the higher levels of excess tax benefits related to the equity awards from the ipo have now been recognized


and with the combined success of debt reduction and improved operational performance, we're now even better positioned to advance our project pipeline.

and with the combined success of debt reduction and improved operational performance we're now even better positioned to advance our project pipeline


On independence, if we just go back to that one for a second. I think it's one that people have taken for granted for so long,

on independence just go back to that one for a second i think it's one that people have taken for granted for so long


Our first quarter volume growth, cost trends and synergy realization all were above our expectations.

our first quarter volume growth cost trends and synergy realization all were above our expectations


I think we've got to get to closing before we start to really articulate some of our plans. But obviously, we anticipate a lot of synergies to be realized,

i think we got to get to closing before we start to really articulate some of our plans but obviously we anticipate a lot of synergies to be realized


where are the areas that you feel like you were weakest sort of coming into this year and where the greatest improvements will come from?


is to invest in our own managed fund product. And so as we highlight in the prepared remarks, we currently have a balance sheet

is to invest in our own managed fund product and so we highlight in the prepared remarks we currently have a balance sheet


It is our understanding that this carrier is reviewing major capital programs, and our vectoring program is part of this review.

it is our understanding that this carrier is reviewing major capital programs and our vectoring program is part of this review


So now let me just go into a little more deal and color on each of those points.

so now let me just go into a little more detail and color on each of those points


sector has been a little bit bumpy over the past year, and we want to provide ourselves enough wiggle room. On top of that,

sector has been a little bit bumpy over the past year and we want to provide ourselves enough wiggle room on top of that


There has been a lot of excitement, speculation and even fear surrounding the arrival of 5G and how it may impact our business.

there's been a lot of excitement speculation and even fear surrounding the arrival of 5g and how it may impact our business


a majority of the market. So there is a lot of waste in the process. Now with our IT system, with our sales management system,

a majority of the market so there is a lot of waste in the process now with our it system with our sales management system


getting mediocre ratings to make them better and we tend to eliminate products that are getting low ratings and reintroduce them and that's constantly


just continue to execute and keep moving ahead. That's our focus. We have quite a large interest in

just continue to execute and keep moving ahead that's our focus we have quite a large interest in


let's say, activity going forward. That puts a little bit of pressure on the revenue stream in that particular segment.

let's say activity going forward that puts a little bit of pressure on the revenue stream in that particular segment


the agriculture market and so on. But we're just not seeing a lot of interest from that side of it.

the agriculture market and so on but we're just not seeing a lot of interest from that side of it


without losing sight of the primary objective of actually delivering the right value proposition to our customers. They want compliance,

without losing sight of the primary objective of actually delivering the right value proposition to our customers they want compliance


On that call, I highlighted a refined description of our business focus as that of a gaming technology company.

on that call i highlighted a refined description of our business focus as that of a gaming technology company


When we look at new product launches for 2017, we say we have about 20 products. I would tell you that we have a

when we look at new product launches for 2017 we say we have about 20 products i would tell you that we have a


Our long-term efforts to further raise efficiency and improve our working capital are paying off more and more.

our long-term efforts to further raise efficiency and improve our working capital are paying off more and more


think about the antibacterial products that you might buy to make sure the paint in the cans are

think about the antibacterial products that you might buy to make sure the pain in the cans are


by some of the sub businesses, what type of growth you're going to see in the second half to sort of hit that full year number?

by some of the subbusinesses what type of growth you're going to see in the second half to sort of hit that full year number


We are already making plans to collapse the noncore unit at year-end and migrate any residual RWA back into the Core Bank.

we are already making plans to collapse the noncore unit at year-end and migrate any residual rwa back into the core bank


putting clarity of what you're supposed to be doing in your role, how you support each other then in the restaurant and then providing clarity of how you can grow

putting clarity of what you're supposed to be doing in your role how you support each other then in the restaurant and then providing clarity of how you can grow


we will only disclose this metric for the full year as it's best reviewed on an annual basis given the seasonality of our business.


to complete the analysis and gain agreement with FDA on this particular piece. We are confident we will get there in the very near future.

to complete the analysis and gain agreement with fda on this particular piece we are confident we'll get there in the very near future


an increase in LatAm North in industrial risk and transportation due to the issuance of the PEMEX policy,

an increase in latin north in industrial risk and transportation due to the issuance of the pemex policy


Before I turn the call over to Chris, let me touch a little on our PAS model, which continues to see strong growth.

before i turn the call over to chris let me touch a little on our pas module which continues to see strong growth


Now to look at the individual pieces, to give you a little bit more granularity. We expect natural gas to end the year slightly

now to look at the individual pieces to give you a little bit more granularity we expect natural gas to end the year slightly


the goddamned crooked lawyers appealing and delaying and delaying and appealing so they can generate more legal fees,

the goddamn crooked lawyers appealing and delaying and delaying and appealing so they can generate more legal fees


Any way to think about how those impact sort of core growth in the Service segment? I mean, should we be bumping up our expectations

any way to think about how those impact sort of core growth in the service segment i mean should we be bumping up our expectations


we've got all the data we need, but actually it's the way we present it can be a little more insightful to drive a few more actions. So we will always look to improve

we've got all the data we need but actually it's the way we present it can be a little bit more insightful to drive a few more actions so we'll always look to improve


opportunity to engage in consolidation, and we think we'll be able to achieve that also at the net

opportunity to engage in consolidation and we think we'll be able to achieve that also at the net


But there's opportunities for us to cobble together a team and to potentially continue to move forward there. So we are looking at that.

but there's opportunities for us to cobble together a team and to potentially continue to move forward there so we are looking at that


which did not allow for the opportunity to replace the decreased supply of used textbooks as a result of rental.


Let us move to Slide 5. Here are the main figures of the semester.

let us move to slide 5 here are the main figures of the semesters


we have made some quick decisions to add incremental capacity in our existing footprint.


negotiating financial terms of the transaction and ultimately finalizing a definitive license agreement takes a substantial amount of time and human capital.

negotiating financial terms of a transaction and ultimately finalizing a definitive license agreement takes a substantial amount of time and human capital


relative to certain market conditions or changes as you might in the other models. So I don't believe you see that

relative to certain market conditions or changes as you might in the other models so i don't believe you see that


And yes, we continue to build our Prestige business, with all brands growing in line with our plans.

and yes we continue to build our prestige business with all brands growing in line with our plans


The improvement in cash flow from operations is primarily due to the timing of tax and other payments.

the improvement in cash flow from operations is primarily due to the timing of tax and other payments


representing reported and constant currency growth of 13%. We continued to see improvements in profitability

representing reported and constant currency growth of 13% we continue to see improvements in profitability


was very much about mortality of people that are 100 years and beyond, so that I would call on the outskirts.

was very much about mortality of people that are 100 years and beyond so that i would call on the outskirts


But with this product launch, we have that capability and have adjusted the way our magnets function so that they don't

but with this product launch we have that capability and have adjusted the way our magnets function so that they don't


Inventory will also be another key area of focus where we will implement our revised approach to stock management and distribution

inventory will also be another key area of focus where we will implement a revised approach to stock management and distribution


As expected, total consolidated revenues for this quarter declined as a result of the contracted decline in our cinema equipment business

as expected total consolidated revenues for this quarter declined as a result of the contracted decline in our cinema equipment business


Telling me most of the new deliveries are big ships, while most of the scrapping continues to be focused on midsized and smaller vessels,

tellingly most of the new deliveries are big ships while most of the scrapping continues to be focused on midsized and smaller vessels


And we see an increased focus from customers when it comes to flexibility,

and we see an increased focus from customers when it comes to flexibility


big impact in terms of us being more challenged with our product line. So

big impact in terms of us being more challenged with our product line so


This is a highly complementary acquisition that will provide new revenue, technology, talent and access to markets.

this is a highly complementary acquisition that will provide new revenue technology talent and access to markets


While Panama City itself was spared from the storm surge and the flooding that hit areas to the west, our plant was damaged by high winds.

while panama city itself was spared from the storm surge and flooding that hit areas to the west our plant was damaged by high winds


understanding our product offering. To make sure that our specialist presenter programs and others are the best that they can be.

understanding our product offering to make sure that our specialist presenter programs and others are the best that they can be


Our focus on adding customers on the Vonage Business Cloud platform lowers this risk significantly.

our focus on adding customers on the vonage business cloud platform lowers this risk significantly


As you think about your models for the next 2 quarters, remember that Q4 is seasonally a higher revenue quarter

as you think about your models for the next 2 quarters remember that q4 is seasonally a higher revenue quarter


Now that we're a little further into this process, I was wondering if there were any maybe more specific metrics you could share along those lines. Because,

now that we're a little further into this process i was wondering if there were any maybe more specific metrics you could share along those lines because


We believe we have the right strategy, we have the right team, we have the right approach to capital allocation to continue to create value for our shareholders.

we believe we have the right strategy we have the right team we have the right approach to capital allocation to continue to create value for our shareholders


However, it's worth noting that our teams are acting on numerous recent proposals in these business areas that could prove fruitful.

however it's worth noting that our teams are acting on numerous recent proposals in these business areas that could prove fruitful


It seems that on the last report issued by the association of book printers in Brazil

it seems that on the last report issued by the association of book printers in brazil


As such, the facility has been classified as an asset held for sale and is reported as a discontinued operation.

as such the facility has been classified as an asset held for sale and is reported as a discontinued operation


we remain focused on reducing costs, expanding margins and building our advantaged platform to drive top line growth.

we remain focused on reducing costs expanding margins and building our advantage platform to drive top line growth


the meantime, please feel free to reach out to us at any time, and we look forward to talking with you all again after our first quarter results.

in the meantime please feel free to reach out to us at any time and we look forward to talking with you all again after our first quarter results


way more than we expected of our Shacks are going to open in the third and fourth quarter, with the vast majority of those in the fourth quarter,

way more than we expected if our shacks are going to open in the third and fourth quarter with the vast majority of those in the fourth quarter


for Mylan to capture the very large outpatient market and for combined efforts by both companies in the hospital discharge arena.

for mylan to capture the very large outpatient market and for combined efforts by both companies in the hospital discharge arena


But I think it's probably not fair to compare it directly because those are often spot blood pressures as opposed to profiles as we've generated in the study.

but i think it's probably not fair to compare it directly because those are often spot blood pressures as opposed to profiles as we've generated in this study


As previously discussed, we remain committed to improving our overall expense scalability and efficiency

as previously discussed we remain committed to improving our overall expense scalability and efficiency


It is now my pleasure to introduce your host, Mr. Simon Harnest, Vice President of Corporate Strategies and Finance. Thank you. You may begin.

it is now my pleasure to introduce your host mr simon harness vice president of corporate strategies and finance thank you you may begin


In particular, we're always looking at ways of managing our risk to create the best economic outcomes across scenarios

in particular we're always looking at ways of managing our risk to create the best economic outcomes across scenarios


We've been reviving existing brands like NOMA, MOTOMASTER and Outbound. These 3 brands have been rejuvenated over the past 2 years

we've been reviving existing brands like noma modomaster and opal these 3 brands have been rejuvenated over the past 2 years


And so when you talk about the beverage projects, should we think about that bucket of revenue, is that about 350 of sales that's kind of.

and so when you talk about the beverage projects should we think about that bucket of revenue is that about 350% of sales that's kind of


basically -- we've won these just by going in and showing the performance of the battery.

that basically we've won these just by going in and showing the performance of the battery


Within 2017, we reset several business strategies and tactics to enable greater value production shipments

within 2017 we reset several business strategies and tactics to enable greater value production shipments


This charge represents our best estimate, and the actual expense may differ from this estimate due to further refinement of our calculations

this charge represents our best estimate and the actual expense may differ from this estimate due to further refinement of our calculations


as opposed to silo play either from an organizational structure or from a compensation perspective to make sure that you're capturing as much wallet share

as opposed to siloed play either from an organizational structure or from a compensation perspective to make sure that you're capturing as much wallet share


the member representation groups, is that this is such a low level of incidence

the member representation groups is that this is such a low level of incidence


that can experience fluctuations in working capital on a quarter-to-quarter basis and provide a better metric to track our profitability over time.


is that we have relationships with customers on both sides of the federal government marketplace. And I think that will,

is that we have relationships with customers on both sides of the federal government marketplace and i think that will


We see an expanding role for EXPAREL in oral surgery field, where an overwhelming majority of patients would prefer a nonopioid option for managing pain.

we see an expanding role for exparel in oral surgery field where an overwhelming majority of patients would prefer a non-opioid option for managing pain


But this is a journey of many steps. And the early ones are planted firmly in leading and consolidating key parts of the traditional genetic testing industry.

but this is a journey of many steps and the early ones are planted firmly in leading and consolidating key parts of the traditional genetic testing industry


impact per se in terms of our strategy of looking to hold our overall EBIT margins. It's just one of the variables

impact per se in terms of our strategy of looking to hold our overall ebit margins it's just one of the variables


The Porter's Paint acquisition we completed during the year is an example of extending our reach in premium design-focused brands.

the porters paints acquisition we completed during the year is an example of extending our reach in premium design-focused brands


what the supply of the Switch is going to be. And I'd say those 2 factors kept us with the same guidance.

what the supply of the switch is going to be and i'd say those 2 factors kept us with the same guidance


try to effectuate some change. So I'm not projecting a whole bunch of impact from Alpha

try to effectuate some change so i'm not projecting a whole bunch of impact from alpha


and we made meaningful progress on this initiative in the third quarter. I'd like to take a few moments to discuss our portfolio's performance,

and we made meaningful progress on this initiative in the third quarter i'd like to take a few moments to discuss our portfolio's performance


Okay, so a very good morning to everybody, and welcome to IPC's second quarter

okay so a very good morning to everyone and welcome to ipc's second quarter


And so, sometimes, you get a little bit, not quite lazy, but we sort of work with what we see rather than go out and try and get what we want.

and so sometimes you get a little bit not quite lazy but we sort of work with what we see rather than go out and try and get what we want


Today's conference is being recorded. At this time, I would like to turn the conference over to Allison Cain of ICR. You may begin.

today's conference is being recorded at this time i would like to turn the conference over to allison kane of icr you may begin


To that end, we are currently exploring such an entity as it would enable us to recapture a portion of the portfolio insurance market.

to that end we are currently exploring such an entity as it would enable us to recapture a portion of the portfolio insurance market


I don't believe, first off, that it strengthens them at all on the core side because this acquisition has nothing to do with their core.

well i don't believe first off that it strengthens them at all on the core side because this acquisition has nothing to do with their core


and seeing growth out of those customers because they have more functionality on the new platform. We're adding new customers through the

and seeing growth out of those customers because they have more functionality on the new platform we're adding new customers through the


this is something that does get competed away. But if you think about increasing clean product yields, and specifically, you guys have a few projects

this is something that does get competed away but if you think about increasing clean product yields and specifically you guys have a few projects that


but what would it take for you to flex that down? Or are you looking at the adds that you're coming -- that you're bringing in

but what would it take for you to flex that down or are you looking at the ads that you're coming -- that you're bringing in


let me say, the tower environment is enough exciting because the new technology that

let me say the tower environment is enough exciting because the new technology that


It differs because Greenhill has a much wider, in terms of

it differs because greenhill has a much wider in terms of


other factors that could cause actual results to differ materially from those indicated or implied by such statements.

and other factors that could cause actual results to differ materially from those indicated or implied by such statements


Concrete tensioning sales declined modestly as we stabilized the operations and worked to claw back lost shares resulting from poor delivery.

concrete tensioning sales declined modestly as we stabilized the operations and worked to claw back lost shares resulting from poor delivery


And like you said, yes, we probably will be doing some sort of recruiting special in the future. We just don't give any dates or details.

and like you said yes we probably will be doing some sort of recruiting special in the future we just don't give any dates or details


Turning to our sales results. Although the economy in our region remained strong and we continue to add customers,

turning to our sales results although the economy in our region remains strong and we continue to add customers


And then as it relates to both the longer-term implications on bad debt and also the administration costs, as Jay mentioned,

and then as it relates to both the longer-term implications on bad debt and also the administration cost as jay mentioned


Bryan and Modesto, together with the impact of converting Midland to a JV, will create a net expense

ryan and modesto together with the impact of converting midland to a jv will create a net expense


a reminder, our guidance excludes any potential impact from the previously announced agreement to acquire the Wesson brands.

as a reminder our guidance excludes any potential impact from the previously announced agreement to acquire the wesson brands


And finally, note that all amounts discussed today are in Canadian dollars unless otherwise indicated.

and finally note that all amounts discussed today are in canadian dollars unless otherwise indicated


as well as the annualization of store openings and strategic investments from the first half of last year.


These metrics are not meant to replace GAAP measurements but are provided as supplements to assist the public in their analysis and valuation of our company.

these metrics are not meant to replace gaap measurements but are provided as supplements to assist the public in their analysis and valuation of our company


days it takes to drill and complete our wells from year to year. So even where we're mature, we're still continuing to see a significant

days it takes to drill and complete our wells from year to year so even where we're mature we're still continuing to see a significant


in the value chain has to contribute to achieve the necessary efficiency gains in our industry, not just the airlines.

in the value chain has to contribute to achieve the necessary efficiency gains in our industry not just the airlines


As indicated recently, we now expect unit revenues to decrease very significantly in the months ahead.

as indicated recently we now expect unit revenues to decrease very significantly in the months ahead


and expect that line to begin service in the fourth quarter of 2019, with throughput volumes ramping up over a couple of quarters.

and expect the line to begin service in the fourth quarter of 2019 with throughput volumes ramping up over a couple of quarters


there's that. And then, I guess, adjacent to that, I understand that you can't do all of your due diligence that you want to do on a competitor but

there's that and then i guess adjacent to that i understand that you can't do all of your due diligence that you want to do on a competitor but


The delays in fine chemicals and nutraceutical orders is dampening performance in this segment. But the focus on operational excellence

the delays in fine chemicals and nutraceutical orders is dampening performance in this segment but the focus on operational excellence


First half performance has been strong and with continued momentum across the business. We expect solid results for the remainder of the year.

first half performance has been strong and with continued momentum across the business we expect solid results for the remainder of the year


and currency in particular, continues to be a headwind for us in most markets around the world. And so the key for us, as we think about

and currency in particular continues to be a headwind for us in most markets around the world and so the key for us as we think about


and strong sales and marketing capabilities will not only grow our business, but will also accelerate the category.

and strong sales and marketing capabilities will not only grow our business but will also accelerate the category


This is what we feel most comfortable, saying this is the foundation for a strong plan. We think it's an ambitious plan and we're excited about it.

this is what we feel most comfortable saying this is the foundation for a strong plan we think it's an ambitious plan and we're excited about it


The other thing that happens in the unitary tax regime is sometimes, states will change their allocation factors, whether it's

the other thing that happens in the unitary tax regime is sometimes states will change their allocation factors whether it's


during the period, we exited credits at a higher spread than those that we entered.

during the period we exited credits at a higher spread than those that we entered


specialized or potentially has ability to grow above the rest of your portfolio, whether it's in beverage

specialized or potentially has ability to grow above the rest of your portfolio whether it's in beverage or


for the long term as we continue to execute the strategy to change the portfolio towards engineered products and industrial technologies,


of growth and margin. And we are on track on both of these. And so for now, I wouldn't want to get into a discussion.

of growth and margin and we are on track on both of these and so for now i wouldn't want to get into a discussion


the only way to get better at it is to try to cluster it more. That gives you the ability to go faster in a given area.

the only way to get better at it is to try to cluster it more because that gives you the ability to go faster in a given area


they are new and because they can contribute more than normal components to their design.

they are new and because we can contribute more than normal components to their design


Note the 3 points in time highlighted in these pie charts. You can see that our portfolio has changed over the past 9 years.

note the 3 points in time highlighted in these pie charts you can see that our portfolio has changed over the past 9 years


And finally, if you turn to Slide 14, let me summarize. We believe this is an environment where capital preservation is important.

and finally if you turn to slide 14 let me summarize we believe this is an environment where capital preservation is important


which is notable considering our very significant outperformance in second quarter of last year.


These metrics are not meant to replace GAAP measurements but are provided as supplements to assist the public in their analysis and valuation of our company.

these metrics are not meant to replace gaap measurements but are provided as supplements to assist the public in their analysis and valuation of our company


As we have said many times before, we believe it is important for Gray to continue to grow the size and scale of our portfolio with high-quality assets

as we have said many times before we believe it is important for gray to continue to grow the size and scale of our portfolio with high-quality assets


Now to address our balance sheet. We are pleased with the strength of our balance sheet and the improvement in our cash position during the quarter.

now to address our balance sheet we are pleased with the strength of our balance sheet and the improvement in our cash position during the quarter


We experienced strong performance from our network VARs toward the end of the quarter as our regionalization efforts began to take hold.

we experienced strong performance from our network vars toward the end of the quarter as our regionalization efforts began to take hold


and accuracy of questions on the front end. So we are going through a transition period with the agreement of the regulators in Canada

and accuracy of questions on the front end so we are going through a transition period with the agreement of the regulators in canada


So we are sharing the benefit of tax reform by raising our minimum wage and issuing a special bonus to our team members.

so we are sharing the benefit of tax reform by raising our minimum wage and issuing a special bonus to our team members


That's because our redesign separates social from media, solving many of the problems that arise when friends are commingled with professional content creators.

that's because our redesign separates social from media solving many of the problems that arise when friends are co-mingled with professional content creators


selling and be successful in the multinational space, which is a -- again, a mid-teens growing business for us. And this just extends that

selling and be successful in the multinational space which is a -- again a mid-teens growing business for us and this just extends that


but certainly, by the second half of the year, we expect a substantial number of these items to be in place

but certainly by the second half of the year we expect a substantial number of these items to be in place


However, reduced customer spending by large enterprise customers on core connectivity, business service solutions and data products

however reduced customer spending by large enterprise customers on core connectivity business service solutions and data products


related to the vesting or exercise of such payments be recognized in our income tax provision rather than in additional paid-in capital.


I know that the initial push or at least my perception was the initial push of that was to get more revenue in your top line quicker.

i know that the initial push or at least my perception was the initial push of that was to get more revenue in your top line quicker


many of the opportunities in our pipeline are being offered as both a perpetual license and SaaS pricing model.

many of the opportunities in our pipeline are being offered as both a perpetual license and saas pricing model


The typical seasonal trend is for the third quarter volume to decline 3% to 5% from the second quarter.

the typical seasonal trend is for the third quarter volume to decline 3% to 5% from the second quarter


As Jimmy mentioned, the increase in unit cost was consistent with our plan and was forecasted on our previous earnings call.

as jimmy mentioned the increase in unit cost was consistent with our plan and was forecasted on our previous earnings call


has allowed us to achieve sustained operating profitability much earlier than other companies preparing to launch their first drugs.


Okay. And so when we talk about the additional opportunity for development through redevelopment of existing buildings, would that additional opportunity be

okay and so when we talk about the additional opportunity for development through redevelopment of existing buildings would that additional opportunity be


We've already made great strides in just the first few months of the year with our data presentations at the WORLD Symposium on Orlando,

we've already made great strides in just the first few months of the year with our data presentations at the world symposium in orlando


Investors should expect this pattern to continue over time, essentially using the stated leverage range as a reference point.

investors should expect this pattern to continue over time essentially using the stated leverage range as a reference point


from that. And we expect the level we have seen in Q1 to be certainly sustainable

from that and we expect the level we have seen in q1 to be certainly sustainable


the revised range for the combination of our adjusted EBITDA plus the cash on the design and construction contract

the revised range for the combination of our adjusted ebitda plus the cash on the design and construction contract


So you can assume that these companies will continue now that they have assurance for continuation

so you can assume that these companies will continue now that they have assurance for continuation


We continue to focus on controlling cost to maintain positive cash flow and look for any potential opportunities.

we continue to focus on controlling costs to maintain positive cash flow and look for any potential opportunities


The Australian public sector remained soft due to several changes in the federal government, but we anticipate this segment to pick up through the year.

the australian public sector remains soft due to several changes in the federal government but we anticipate this segment to pick up through the year


How do you -- what kind of revenue mix in margin profile

how do you -- what kind of revenue mix in margin profile


and we're finding the opportunity to put our KXL systems and our drugs into those accounts. So there are opportunities that are

and we're finding the opportunity to put our kxl systems and our drugs into those accounts so there are opportunities that are


but I think on a go-forward basis, far less than what we've historically experienced. And if you think about us from a carry perspective,

but i think on a go-forward basis far less than what we've historically experienced and if you think about us from a carry perspective


with the goal of course of trying to drive similar growth in ACV, some deals are big

with the goal of course of trying to drive similar growth in the acv some deals are big


So the company and senior executives have been unable to purchase the stock in this period.

so the company and senior executives have been unable to purchase the stock in this period


with price increases for the most part. And you said you added a large piece of new business. Can you give us any details there?

with price increases for the most part and you said you added a large piece of new business can you give us any details there


Market capture is impacted in part by the configuration of our refineries and their production relative to the market crack calculation.

market capture is impacted in part by the configuration of our refineries and our production relative to the market crack calculation


associated with closed schools will be reflected within corporate and other. Income taxes.

associated with closed schools will be reflected within corporate and other income taxes


whereby an oral prophylactic is the patient and physician's overwhelming choice for living a normal life with HAE disease.

whereby an oral prophylactic is the patient and physician's overwhelming choice for living a normal life with hae disease


I think we are seeing, if we convert to Chile or transition to Chile, I think we were pleased with the product support improvement,

i think we are seeing if we convert to chile or transition to chile i think we were pleased with the product support improvement


Our goal is to shrink this loss in each of the next successive quarters and to get to EBITDA breakeven by Q4 of this year.

our goal is to shrink this loss in each of the next successive quarters and to get to ebitda breakeven by q4 of this year


In order to continue to drive these kinds of recurring revenue engagements, we will be focusing on several important initiatives

in order to continue to drive these kinds of recurring revenue engagements we will be focusing on several important initiatives in 2017


While these cost increases have had a negative impact on margins, we are optimistic that the increase in drilling activity in Canada,

while these cost increases have had a negative impact on margins we are optimistic that the increase in drilling activity in canada


but we have been able to make up the difference, primarily in the manufacturing industry and retailing and distribution industry.

but we have been able to make up the difference primarily in the manufacturing industry and retailing and distribution industry


And I see periods of spikes in the stock that are kind of uncommon for most other bank stocks that I hold.

and i see periods of spikes in the stock that are kind of uncommon for most other bank stocks that i hold


And that obviously gave us enough confidence to want to not only repeat it in fourth quarter here, but to expand it.

and that obviously gave us enough confidence to want to not only repeat it in fourth quarter here but to expand it


Thanks, Joel, and good afternoon, everyone. I will begin my remarks with a review of our third quarter results

thanks joel and good afternoon everyone i will begin my remarks with a review of our third quarter results


Yes. I think the reality is the most important device in our life today is our mobile device,

yes i think the reality is the most important device in our life today is our mobile device


So there are some spiky elements which happened last year particularly. During the demon period you had some spiky elements where you had income

so there are some spiky elements which happened last year particularly during the demonetization period you had some spiky elements where you had income


One independent reports that they have avoided incidences of stuck pipe by utilizing this system, which they now use routinely.

one independent reports that they have avoided incidences of stuck pipe by utilizing this system which they now use routinely


Expected increases in Medicare FISH reimbursement were slightly offset by slight Medicare decreases in other testing areas.

expected increases in medicare fish reimbursement were slightly offset by slight medicare decreases in other testing areas


We experienced strong growth in our enterprise business during the quarter, which speaks to the strategic importance of our products in a healthy demand environment.

we experienced strong growth in our enterprise business during the quarter which speaks to the strategic importance of our products and a healthy demand environment


It may surprise some, but our optimism is growing and our country is poised to invest significantly in domestic infrastructure.

it may surprise some but our optimism is growing that our country is poised to invest significantly in domestic infrastructure


The deferred tax amount is based on unrealized gains and does not translate into current tax obligations until realized.

the deferred tax amount is based on unrealized gains and does not translate into current tax obligations until realized


if our customers are down a little more in the second half than they expected, then we will be too. And that's exactly what is happening.

if our customers are down a little more in the second half than they expected then we will be too and that's exactly what is happening


We continue to experience steady and strong adjusted EBITDA growth and margin expansion and feel good about our opportunity to extend that into the future.

we continue to experience steady and strong adjusted ebitda growth and margin expansion and feel good about our opportunity to extend that into the future


We believe that our collaboration partners are well positioned to take advantage of STENDRA's 15-minute of onset,

we believe that our collaboration partners are well positioned to take advantage of stender's 15-minute of onset


Looking forward, we expect operating cash flows to increase sharply in the second half of the year, driven by our strong earnings outlook.

looking forward we expect operating cash flows to increase sharply in the second half of the year driven by our strong earnings outlook


Also, Meritor specifically announced UQM as one of their 2 strategic partners in this product line.

also meritor specifically announced uqm as one of their 2 strategic partners in this product line


So we expect some of that contributed to the 10%, because like you said that's a big swing for our market.

so we expect some of that contributed to the 10% because like you said that's a big swing for our market


And as you know, there's somebody running for President who's now been constrained to a teleprompter. So I understand his pain.

and as you know there's somebody running for president who's now been constrained to a teleprompter so i understand his pain


that's where I want to drive you to. The huge red has to do with the supply we need to perform

and that's where i want to drive you to the huge red has to do with the supplies we need to perform


is one of those areas that we believe there's a lot of opportunity to take those dollars that we're currently allocating and make the brand much more visible with what we have.


Next, we would like to explain the positive and negative factors that impacted profit before income taxes for the second quarter.

next we would like to explain the positive and negative factors that impacted profit before income taxes for the second quarter


I previously referenced positive results from the market survey recently completed by Greenwich Associates.

i previously referenced positive results from the market survey recently completed by greenwich associates


there is also an important network effect. So I literally had a conversation with my pricing team 2 weeks ago

there's also an important network effect so i literally had a conversation with my pricing team 2 weeks ago


the work continued on the coal mine, which we took at lower margin because we needed to fill in for a job that was canceled.

the work continued on the coal mine which we took at lower margin because we needed to fill in for a job that was cancelled


One of the main pillars of our strategy is to remove the complexity of shipping for our clients, and we are doing it.

one of the main pillars of our strategy is to remove the complexity of shipping for our clients and we are doing it


the oil and gas tenants. They reduced their amount of space but this is a picture at the end of this quarter.

the oil and gas tenants they reduce their amount of space but this is a picture at the end of this quarter


We believe that we are in an excellent position with all of these technology

we believe that we are in excellent position with all of these technology bricks


and also creating a good opportunity to secure the electric load that we need to make this project very attractive economically.


And in terms of kind of the longer range, I don't know how much we can really read into that. I think you have to look at all the

and in terms of kind of the longer range i don't know how much you can really read into that i think you have to look at all the


from what we expected at the time of the second quarter call due to deteriorations in commodity prices subsequent to that call.


also the need to create very high quality environments and to remove the friction from our shopping visit, which we believe is essential.

also the need to create very high-quality environments and to remove the friction from our shopping visit which we believe is essential


So we obviously have a deeper view into Florida and also New York not just because of

so we obviously have a deeper view into florida and also new york not just because of


Clearly, this is a market -- this is an area that we've really got to get ourselves on the front foot with.

clearly this is a market this is an area that we've really got to get ourselves on the front foot with


Meanwhile, we plan to invest aggressively in our production facilities to improve production efficiency

meanwhile we plan to invest aggressively in our production facilities to improve production efficiency


the takeaway from a financial perspective is that we believe we can consistently deliver increasing adjusted EBITDA results,

the takeaway from a financial perspective is that we believe we can consistently deliver increasing adjusted ebitda results


Can you speak around what exactly those other factors are? How transitory do you think those factors going to be moving forward? And then

can everybody speak around what exactly those other factors are how transitory you think those factors are going to be moving forward and then


The whole market is in profitable territory. So one could surmise, one could expect

the whole market is in profitable territory so one could surmise one could expect


And I don't have the intention of really changing my capital management strategy at the current time. I'd like to put it to use

and i don't have the intention of really changing my capital management strategy at the current time i'd like to put it to use


With respect to Citizens Insurance, the opt-out percentage in September was significantly lower than recent trends and expectations.

with respect to citizens insurance the opt-out percentage in september was significantly lower than recent trends and expectations


direction? I think regulators understand the need for firm capacity, meet firm load and they understand that renewables are not firm resources.

i think regulators understand the need for firm capacity meet firm load and they understand that renewables are not firm resources


Do you get the sense that regulators understand that distinction and thus will be supportive of going the capacity

do you get the sense that regulators understand that distinction and thus would be supportive of going the capacity


We have a couple of other items that are pending also before the commission. So we'll give you guidance in February but that's about as much as I can tell you now.

we have a couple of other items that are pending also before the commission so we'll give you guidance in february but that's about as much as i can tell you now


Due to internal insider trading blackouts and effects because of the Resultz transactions and routine quarter end insider trading restrictions,

due to internal insider trading blackouts and effects because of the results transactions and routine quarter-end insider trading restrictions


In terms of new store productivity it's actually been fairly stable over the last 5 years since we've entered the Midwest. So

in terms of new store productivity it's actually been fairly stable over the last 5 years since we've entered the midwest so


And I think that's the only one that we called out that has an impact from

and i think that's the only one that be called out that has an impact from


We do that on a very frequent basis. Obviously, we have to give our suppliers a significant lead time,

we do that on a very frequent basis obviously we have to give our suppliers significant lead time


quantify those cost savings longer term and if there was any material expense in terms of developing that platform?


are working together to make EOG the leader in organic generation of new and better premium drilling inventory.

are working together to make elg the leader in organic generation of new and better premium drilling inventory


the impact of commodity costs, I mean, it's not really the case that we look to any particular category to do heavy-lifting

the impact of commodity costs i mean it's not really the case that we looked at any particular category to do heavy lifting


And then hopefully, we'll start to see a little bit more tailwind, and the effects of our changes

and then hopefully we'll start to see a little bit more tailwind and the effects of our changes


Forward-looking statements inherently involve risks and uncertainties that could cause our actual results to differ materially from those predicted.

forward-looking statements inherently involve risks and uncertainties that could cause our actual results to differ materially from those predicted


But our biggest revenue business had a challenging year, and that was clearly a drag on the growth rate. And it's going to take a few quarters to course correct that.

but our biggest revenue business had a challenging year and that was clearly a drag on the growth rate and it's going to take a few quarters to course correct that


I wanted to talk a little bit about input costs and manufacturing costs in OSB, and I think you've alluded to it by discussing the number of down days

i want to talk a little bit about input costs and manufacturing costs in osb and i think you alluded to it by discussing the number of down days


On Slide 15, we break out the expected impact of the energy research sale on our annual revenues and expenses going forward.

on slide 15 we break out the expected impact of the energy research sale on our annual revenues and expenses going forward


Rich will provide a brief update on the ongoing operations of this contract.

rich will provide a brief update on the ongoing operations of this contract


And that's why you're seeing these very, very large deals. Now I would love to tell you that we wake up every day and we meet a new customer, and we sign one of these large deals.

and that's why you're seeing these very very large deals now i would love to tell you that we wake up every day and we meet a new customer and we sign one of these large deals


which obviously had a great quarter in Q1. But one of your competitors in the space is now adding commerce functionality by way of an acquisition,

which obviously had a great quarter in q1 but one of your competitors in the space is now adding commerce functionality by way of an acquisition


the good news for us is because of the size of our company and the amount that we spend on media


In addition to providing a source of liquidity, the large size of our investment portfolio allows us to manage interest rate risk effectively.

in addition to providing a source of liquidity the large size of our investment portfolio allows us to manage interest rate risk effectively


In other regions, MEROPEN business was returned from AstraZeneca for Southeast

in other regions meropen business was returned from astrazeneca for southeast


As such, we will continue to receive stable, predictable cash flows despite the generally distressed market.

as such we will continue to receive stable predictable cash flows despite the generally distressed market


For the group as a whole, we delivered a quarter with stable organic revenues, with a margin expansion

the group as a whole we delivered a quarter with stable organic revenues with the margin expansion


as we redouble our efforts to increase sales, which we believe is essential to restore the company to financial health.

as we double our efforts to increase sales which we believe is essential to restore the company to financial health


second, our normal growth and maintenance CapEx, which supports and drives the growth of our existing business.

second are normal growth and maintenance capex which supports and drives the growth of our existing business


I'll also expand on a few of our key achievements in 2016 and discuss how they contribute to Vermillion's self-funded growth and income model.

i'll also expand on a few of our key achievements in 2016 and discuss how they contribute to vermilion's self-funded growth and income model


As a result, we have delivered a strong first quarter, all things considered, with sound performance fundamentals.

as a result we have delivered a strong first quarter all things considered with sound performance fundamentals


We can attribute slightly more than half of this sales miss to weaker demand and scheduled movements across our various end markets.

we can attribute slightly more than half of this sales miss to weaker demand and schedule movements across our various end markets


These approaches are now the way we work and will continue to benefit -- deliver benefits for us as we move forward.

these approaches are now the way we work and will continue to benefit -- deliver benefits for us as we move forward


but it will continue to be pressured as we see inflation in these emerging markets. I think most importantly, what you need to look to for us

but it will continue to be pressured as we see inflation in these emerging markets i think most importantly what you need to look to for us


I don't know that the upgrade rate itself because the age of devices has changed that much,

i don't know that the upgrade rate itself because the age of devices has changed that much


The superior operational performance was also fueled by the successful execution of our global cinema strategy.

this superior operational performance was also fueled by the successful execution of our global cinema strategy


including their size and potential for growth, and our competitive position in our target markets.

including their size and potential for growth and our competitive position in our target markets


tightly controlled plan to manage existing inventory levels on our path toward full-scale manufacturing supply.


And in the federal space, it was an exceptionally strong quarter. I think it would be unfair, although I'm not

and in the federal space it was an exceptionally strong quarter i think it would be unfair although i'm not


will certainly support that overall demand will likely be somewhat stronger than what the third-party forecasters have indicated.

was certainly support that overall demand will likely be somewhat stronger than what the third-party forecasters have indicated


In the Western domestic market, log demand remained moderate through most of the first quarter due to continued low lumber prices.

in the western domestic market log demand remained moderate through most of the first quarter due to continued low lumber prices


Specifically, many anesthesiologists are viewing EXPAREL as a game changer and the positive results that they are achieving with brachial plexus blocks

specifically many anesthesiologists are viewing exparel as a game changer and the positive results that they are achieving with brachial plexus blocks


similar utilization rates in the second half of this year versus what you had in the second half of '18? Or was there any

similar utilization rates in the second half of this year versus what you had in the second half of '18 or is there any


do a profit improvement program within Grace, I'm very confident that we have access to the capital necessary to do that.

do a profit improvement program within grace i'm very confident that we can -- we have access to the capital necessary to do that


we wouldn't be issuing franked dividends if we didn't have franking credits by the 30th of June. So the amount of franking credits that are required

we wouldn't be issuing franked dividends if we didn't have franking credits by the 30th of june so the amount of franking credits that are required


These increases were partially offset by the flow-through of cost reductions. The 40 basis point rate decrease was driven by sales leverage.

these increases were partially offset by the flow-through of cost reductions the 40 basis point rate decrease was driven by sales leverage


I think really probably what you're trying to get at is in prior quarters, we made the comment that we expected to make up

i think really probably what you're trying to get at is in prior quarters we made the comment that we expected to make up


there have been -- has been a fairly consistent maximum tolerated dose that held up in preclinical models in the toxicology studies.

there have been a -- has been a fairly consistent maximum tolerated dose that held up in preclinical models in the toxicology studies


We plan to present data from the study at the European Society for Medical Oncology, ESMO meeting, in October.

we plan to present data from the study at the european society for medical oncology esmo meeting in october


We believe the Phase I portion of the study will complete enrollment in the next few months and that the Phase II portion of the study will initiate by year-end.

we believe the phase i portion of the study will complete enrollment in the next few months and that the phase ii portion of the study will initiate by year-end


we think we'll have a better indication of what the adjusted timeline will look like after we have come more extensive Europe experience.

we think we'll have a better indication of what the adjusted time line will look like after we have come more extensive european experience


But I don't have guidance to give in terms of what we anticipate we'll do throughout the rest of the year, outside of saying that we would

but i don't have guidance to give in terms of what we anticipate will do throughout the rest of the year outside of saying that we would


We're kind of letting the clients get comfortable with Flex and then show them that there's additional modules, which will help not only sales but retention

we're kind of letting the clients get comfortable with flex and then show them that there's additional modules which will help not only sales but retention


no, I think it's fairly normal. And then what about the lead times for you at the moment in the different divisions?

no i think it's fairly normal and what about the lead times for you at the moment in the different division


only items? And does that mean the online range is now as big as the range for in some of the larger stores?

only items and does that mean the online range is now as big as the range for -- in some of the larger stores


We remain focused on providing our customers with an excellent value proposition of pricing service in what is a very competitive environment.

we remain focused on providing our customers with an excellent value proposition of price and service in what is a very competitive environment


form a strong foundation for a long-term partnership, and we expect to pursue additional transactions with our new partners across the coming years.

form a strong foundation for a long-term partnership and we expect to pursue additional transactions with our new partners across the coming years


As one of our core value states and it strongly applies to our acquisition strategy, we are committed to success.

as one of our core value states and it strongly applies to our acquisition strategy we are committed to success


as we believe that commenting on price in isolation does not provide a complete picture of the outcome of the formulary negotiations


Our platform continues to show the strength of the underlying fundamentals. We own great real estate locations with a strong demographic trend.

our platform continues to show the strength of the underlying fundamentals we own great real estate locations with a strong demographic trend


I certainly appreciate all of your interest and commitment to MDU Resources. I now ask that we open the lines to questions that you may have.

i certainly appreciate all of your interest and commitment to mdu resources and now ask that we open the lines to questions that you may have


quite nicely. And the backlog of claims has not been increasing, so

quite nicely and the backlog of claims has not been increasing so


I'll touch more on Nashville and Raleigh, where development has been more notable when I turn to the market overviews.

i'll touch more on nashville and raleigh where development has been more notable when i turn to the market overviews


We plan to request a commission decision by November so that we can capture the full production tax credit benefit for our customers.

we plan to request a commission decision by november so that we can capture the full production tax credit benefit for our customers


With respect to our outlook for the full year of 2018, as we noted in our preliminary revenue release in early July,

with respect to our outlook for the full year of 2018 as we noted in our preliminary revenue release in early july


We are in the middle of a robust process, which we believe will allow us to significantly reduce or eliminate term debt by the end of the year.

we are in the middle of a robust process which we believe will allow us to significantly reduce or eliminate term debt by the end of the year


Third, we have reorganized and strengthened key functions within the company to be more agile

third we have reorganized and strengthened key functions within the company to be more agile


At this time, I'll turn it over to Bob, who will review some of the details behind our recent financial results.

at this time i'll turn it over to bob who will review some of the details behind our recent financial results


that then make it a little bit more competitive environment out there. So we get probably more indirect impact than we do direct impact.

that then make it a little bit more competitive environment out there so we get probably more indirect impact than we do direct impact


Actual results could differ materially from projected or estimated results and we assume no obligation to update any forward-looking statements.

actual results could differ materially from projected or estimated results and we assume no obligation to update any forward-looking statements


And the way to think about that ramp is this. Our first half innovation is now hitting its stride, it's fully out there, the marketing programs are on.

and the way to think about that ramp is this our first half innovation is now hitting its stride it's fully out there the marketing programs are on


field technology and customer connection technology. We're going to continue to invest there, make sure that we have a leadership position.

field technology and customer connection technologies we're going to continue to invest there make sure that we have a leadership position


less true for Berkeley Point, so that's a mitigating fact as the financing of multifamily tends to be

less true for berkeley point so that's a mitigating fact as the financing of multifamily tends to be


from conception through regulatory approval swiftly, to ultimately reach patients faster.

from conception through regulatory approval swiftly to ultimately reach patients faster


in the fourth quarter. This platform, along with our real estate portfolio, should be powerful additions to our core earnings throughout the year ahead.

in the fourth quarter this platform along with our real estate portfolio should be powerful additions to our core earnings throughout the year ahead


I'll compare mainly to Q2 of 2016, but will provide a few comments relative to our views for the rest of this year and going forward as well.

i'll compare mainly to q2 of 2016 but we'll provide a few comments relative to our views for the rest of this year and going forward as well


At this point, we have completed the high volume transfers we initially set out to accomplish and are starting to focus on the next set of cost down activities.

at this point we have completed the high-volume transfers we initially set out to accomplish and are starting to focus on the next set of cost-down activities


Overall, modular space leasing has begun to make a nice recovery and remote accommodations business appears to be beginning to stabilize as well.

overall module space leasing has begun to make a nice recovery and remote combinations business appears to be beginning to stabilize as well


Steve, Doug, will you get to a point do you think that you'll feel comfortable discussing that backlog and the booking numbers?

steve doug will you get to a point do you think that you'll feel comfortable discussing that backlog and the booking numbers


overlap with the Fluke Network and the tools business. And so things have been up and down. And I think that's

overlap with the fluke network and the tools business and so things have been up and down and i think that's


And that's why we have taken time to really work with our clients to reflect that in the price increases. And so that's why

and that's why we have taken time to really work with our clients to reflect that in price increases and so that's why


by providing the required blend of chemical resistance and durability. This has positioned Tritan as a material choice in both clear and opaque applications.

by providing the required blend of chemical resistance and durability this has positioned triton as a material choice in both clear and opaque applications


at the different banners? And then how do you expect to be able to leverage that in your business in '18 and '19? I mean, is it a matter of

at the different banners and then how you expect to be able to leverage that in your business in '18 and '19 i mean is it a matter of


it made a massive turnaround. And now we have -- I think it's close to 60% of our new business bookings coming from

it made a massive turnaround and now we have -- i think it's close to 60% of our new business bookings coming from


Our people are what make the products we sell come to life. Our goal is to offer the best service in the industry.

our people are what make the products we sell come to life our goal is to offer the best service in the industry


Now it took some time to turn off these programs, and it wasn't until December when we were fully able to curtail these price-driven approaches to the business.

now it took some time to turn off these programs and it wasn't until december when we were fully able to curtail these price-driven approaches to the business


We completed the migration of Ambrose in Q1. And during the third quarter, we completed the Accord migration.

we completed the migration of ambrose in q1 and during the third quarter we completed the accord migration